Re: Legal Opinion regarding opening of a Trustee Account in the name of “Company 1” by the Bank’s Local Office, Dhaka
We refer to your letter No. D…………………… dated 28.04.2002 on the above subject.
Pursuant to your request, we have examined the following papers/documents in connection with opening of a Trust Account in the name of “Company 1”:
(i) Account Opening Form
(ii) Minutes of the Meeting dated 15.04.2002 of the Board of Trustees
(iii) Deed of Trust
(iv) List of members of the Board of Trustees
(v) Letter No. ………. dated April 23, 2002
Clause 4 of the Deed of Trust dated 04.06.2000 (which deals with Powers of Trustees), inter alia, provides as follows:
“4.2 To open, keep, operate and maintain such banking accounts in the name of or for the purpose of the Trust in any bank or banks as the Trustees in their absolute discretion may deem expedient and to deposit any moneys belonging to the Trust in such account.”
According to Clause 5.3 of the Deed of Trust –
“The quorum for all meetings of the Trustees shall be at least in number more than half of the Trustees, provided that there shall be no question of quorum for an adjourned meeting.”
The Deed of Trust provides that the following persons shall be Trustees of the Trust:
Mr. x & others………
According to the List of Trustees dated 20.04.2002 signed by the Chairman of the Trust, the following persons are the present Trustees of the Trust:
Mr. Y & others……………….
In the meeting dated 15.04.2002, the Board of Trustees decided as follows:
“Resolved that a current account be opened in the name of the Trust with BANK 1 and that two trustees jointly out of the three named trustees: Mrs. A, Mrs. B and Mr. X shall operate the said account.
Further resolved that Mr. Y, the Chairman of the Trust be and is hereby authorised to do and cause to be done all acts, deeds, matters and things for the opening of the current account, sign papers, if any, deposit with the bank necessary documents/papers and whatever is deemed necessary in that regard.”
There was quorum in the meeting in accordance with Clause 5.3 of the Deed of Trust.
The application to open the current account with the Bank was signed by Mrs. A, Mr. X and Mrs. B, any two of whom will jointly operate the account in accordance with the decision of the meeting of the Trustees dated 15.04.2002. The introducer of the account is Mr. Y, who has been given power to do such acts.
Considering the provisions of the Deed of Trust and other papers/documents, we are of the opinion that the account has been opened properly.
If case of any query, please do not hesitate to contact the undersigned.
For: “The Lawyers & Jurists”